12/19/23: IRS ANNOUNCES MASSIVE $1,000,000,000 TAX PENALTY FORGIVENESS

Today, the IRS issued Notice 2024-7, announcing a MASSIVE penalty forgiveness program for certain taxpayers who got behind on their taxes during the pandemic. In this video, Logan Allec, CPA, tells you everything you need to know! Book your FREE tax relief consultation at https://choicetaxrelief.com/free-tax-relief-consultation/ or by calling 866-8000-TAX!

Or email me at taxrelief@loganallec.com

➡️ My Tax Relief Company: https://choicetaxrelief.com/

➡️ Schedule Your FREE Consultation Now: 866-8000-TAX

➡️ My Tax Relief Video Playlist: https://youtube.com/playlist?list=PLHmwDU0qD1fj_JQAqO7aczwsrtLfWOSfQ

➡️ The Wall Street Journal Article I Was Quoted In: https://www.wsj.com/personal-finance/taxes/irs-waives-nearly-1-billion-in-penalties-for-taxpayers-3f717627?st=7qkm3exzl7kemjr&reflink=desktopwebshare_permalink

Table of Contents:
0:00 IRS Announced $1 Billion Tax Penalty Forgiveness for 4.7 Million American Taxpayers
0:25 My Quotes in the Wall Street Journal Article
0:50 What This Video Is About
1:13 IRS Notice 2024-7
1:28 Relief Is For Tax Years 2020 and 2021
1:54 Relief Is For the Failure-to-Pay Penalty
3:13 IRC Section 6651
3:52 Failure-to-Pay Penalty Example
4:33 General Penalty Abatement Rules
4:58 Why Is the IRS Granting This Penalty Relief?
5:32 The General Balance Due Notice Sequence
6:48 The IRS Paused the Interim Collection Notices on February 9, 2022
8:16 But Penalties Kept Accruing!
10:05 Failure-to-Pay Penalties on Which Returns Are Eligible?
11:48 What Is the "Relief Period"?
13:32 Is Interest Eligible for Abatement Under This New IRS Announcement?
14:14 Who Is an "Eligible Taxpayer"?
15:15 How Do You Get This Penalty Relief From the IRS?
15:43 Exceptions to Relief

#irs #taxes #tax

Видео 12/19/23: IRS ANNOUNCES MASSIVE $1,000,000,000 TAX PENALTY FORGIVENESS канала Logan Allec